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MARKET UPDATE – AUTUMN 2020

Following on from my Summer update in June 2020 we have seen many surprises over the last few months.  The local property market took off during June and July partly due to pent up buyer and seller demand as a result of our being closed during the lockdown and partly because customers fear that the market may nosedive later in the year or early next year if there is another lockdown.  It has been an incredibly busy few months with many new property listings and sales agreed.  There was the usual holiday lull mid-August with customers out of town with children on school holidays, however business has started moving again since the schools re-opened at the beginning of September. 

Local house prices have moved up marginally in the last few months due to increased demand from buyers and prices of properties in the key prime areas such as the Dollis Hill Estate and Willesden Green have increased significantly with intense buyer demand for these locations.

We have also enjoyed the benefit of the relaxation in stamp duty rules allowing buyers the first £500,000 of their purchase price to be free of any stamp duty and this has helped immensely by providing buyers with a saving on stamp duty of some £15,000 to help with other expenses and their deposit.  This relaxation of stamp duty rules will cease on the 31st of March 2021 and using the premise that the average house sale takes at least four to five months to complete from when the house is first marketed sellers need to have their property on the market by no later than the beginning of October 2020 if their buyer is not to miss out on the stamp duty incentive.  Equally if you are purchasing another property at the same time as selling your own you will need to complete your purchase by the 31st of March 2021 to enjoy the stamp duty incentive and I recommend that if you are considering selling your property in NW2, NW10 or NW9 that you contact me as soon as possible so I may call and provide you with a free market appraisal of your property and ensure you are moved by the end of March next year.

Our Lettings Department has been extremely busy since we returned from the lockdown with a lot of new lettings been completed and we urgently require flats and houses to let in NW2, NW10 and NW9 as we have a large database of waiting tenants.  Please contact our Lettings Manager, Jo Solska on 0208 452 1436 if you have a property you are considering letting in any of the aforementioned postcodes.

I am praying that there will not be another lockdown due to Coronavirus as the lockdown earlier in the year was damaging both in the number of deaths due to the virus (including one of my customers who was purchasing a house through me at the time) and to the UK economy and I therefore urge all of you to use PPE, wash your hands regularly as we do constantly when valuing houses or showing properties to people as it is only through this personal discipline that together we stand any chance of restricting and hopefully beating the virus.

I hope to see some of you out and about (subject to social distancing regulations) over the next few weeks and as I am sure you are aware I am always available if you wish to telephone me to discuss your property sale on 0208 452 4447.

Best wishes for the rest of 2020.

 

John Hooper

For Hoopers